Working Papers
The Anatomy of Capital Returns over the Very Long Run: Germany, 1465–2025
Economics Working Paper 26128
November 6, 2026
A second-quarter GDP that surpassed 4% was cause for a victory lap in the Trump White House last week. Is the exuberance justified? Is the US economy looking at sustained growth or a third-quarter surprise? John Cochrane, the Jack and Rose-Marie Anderson Senior Fellow at the Hoover Institution, weighs the good and the bad of “Trumponomics.”
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